Discovery Condos (Concord Park Place) - Real Estate -

Well out of fairness, Discovery 1 owners have received their confirmed letters about the January 2012 occupancy. Discovery 2 owners probably won't be moving in until late spring of 2012. Yeah, it is one big royal screw-job with that underground river story. I'm not too sure if I believe it myself. Sadly, we will be watching others move into there completed condos in 2011 with construction that probably only started early of 2010.

I am a part of the Discovery 2 complex. I bought my unit in December 2007 but I know that is nothing in comparison with you guys who probably bought units in Discovery 1 during the summer of 2007.
 
Well, there are some positives to moving in later. Ford said he will get rid of the Toronto land transfer tax in 2012. So by the time you close, you save a few thousand depending on the price. And hopefully shorter time to register so less phantom rent. If you move in when things are pretty much completed, you won't have to live in a construction zone. Properties may drop in price in 2011 depending on amount of investors selling off.

About the river issue. I don't think that's recent. From what you're describing. It seems to have happened way earlier on when they were excavating which caused the building to be delayed. I don't know if this is true or not. What I have heard a few years ago was that Concord didn't end up making much money on Concord Park Place. Seems the soil there was contaminated or something. They had to spend a lot of money fixing it. Hence cutting into their profits. But I think that could also be the delay problem.
 
CasssiusX said:
Well out of fairness, Discovery 1 owners have received their confirmed letters about the January 2012 occupancy. Discovery 2 owners probably won't be moving in until late spring of 2012. Yeah, it is one big royal screw-job with that underground river story. I'm not too sure if I believe it myself. Sadly, we will be watching others move into there completed condos in 2011 with construction that probably only started early of 2010.

I am a part of the Discovery 2 complex. I bought my unit in December 2007 but I know that is nothing in comparison with you guys who probably bought units in Discovery 1 during the summer of 2007.
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Cassius, thinking about it, I'm upset, but I was one of the "lucky" ones who didn't buy Discovery 1 right away. I did not realize it was summer of 2007. Remember they had a huge lull in condo sales in the summer of 2009, and I picked up one of the "leftover" units. At that time I was told I'd be moving in December 2010. So if they knew about an even longer delay, they certainly didn't let on. I do think AKS you have a point, hopefully we will be move in ready with the amenities by then. And certainly, hope that the phantom rent becomes less of an issue. I was a bit wary when Concord only gave me a choice of 3 interiors, I saw right through that as a money saving thing, as Tridel has huge choices in terms of interiors. Doing some reading on line about precons, I knew this is quite common, but what I didn't know is that some people actually wait 5 plus years from the time they sign on to the time they move in. Cross our fingers this "final interim closing" is really final.
 
A little off topic, but somewhat related. When we bought in Aria across the street in April of 2007 we were originally given a move in date of October 2009. This was delayed a year, but we were told about the delay very early on and I was told that the main cause was that the soil in the site was contaminated and it lead to delays. I wonder if the same issue is what is affecting Discovery. The only thing that's odd is that we were notified of the issue during excavation, I find it odd that they are only just now telling owners.
 
If we were all guaranteed that the Concord complex would be officially registered by the final occupancy date then that would definitely be a plus. HOWEVER, I have a feeling that we may still feel the COLD BREEZE of the phantom rent. The builder might decide to wait until all amenities are completed before registering with the city. Now, if we were to assume that the amenities would be completed by Jan 2012, then they would have moved everyone from Discovery 1 and 2 at the same time (since it will be using the shared facilities). But that is not the case. The shuffling in will be heavily staggered.

The sad thing is that we were only notified about this extra year long delay recently. If there was some sort of contamination in the soil, there was no official letter notifying us about it.
 
I guess Concord didn't send letters out to notify residents. I didn't buy at Concord Place but I heard the news from the grape vine. Also, Concord Place has a lot more land to fix than Aria because the plot is huge so it will take a lengthier time. I've passed by it every so often going to Ikea. About registration though, it's not the builder who doesn't want to close. All builders want to close fast. They even want you to move in early even during construction like Aria. The sooner you move in, you pay the interest and maintenance fees. It will be less cost for the builder. They also want to close fast so they can collect money. It's not they don't want to. They have to wait for the city paper work. Usually experience builders know what to submit and have all paper work done a head of time. Then it's up to the city to process it. Which might take some time. For example, if the city workers are on strike, that will lead to delays. Or if there are agreements between the city and the builder that are not met, it will suffer delays from closing. Phantom rent is unavoidable. I think earliest is probably 2 months. Longer will be 1 year.
 
Well apparently with Tango, there is a stipulation stating that the absolute longest they can delay the project is until Dec 2015. I was told that there are no current problems and it should be on scheduled for 2013 as there are other future buildings with tight deadlines that need to be met.
 
Hello UT! first time poster here :)
I very recently joined (still in the 10 day cooling off period) the residences of building E! Prior to making my decision, i spent LOTS of time on this thread and found many posts very useful, so to pay it forward, i thought i'd add what i learned.

My closing date is supposedly November 2011:
i don't know how true this is or if the notificiation letters that current residences have been receiving are more accurate, but specifically for this building, it's supposed to be Nov 11... so they say. Also, as added evidence that work is being done, i did not get to choose the finish for my unit because all the material is already ordered so i had to take what they picked.

There are very few units still available:
i don't know if it's a good thing to have any available at this stage. thoughts? i know there are limited units only because i asked for every unit still available and they didn't give me many. of course, no guarantee i was necessarily told the truth.

The underground tunnel to the subway is approved:
BUT it is canadian tire's business so the people of Concord can't say for sure what they will decide to do. the person i dealt with made it seem like it will be contingent on whether or not CT will be building their head office in the area.

well, that's all i can think of as far as answering some of the concerns/topics i read in this thread. lets hope everything goes well!
 
Hi OUI_HALLO,

Congrats on the new purchase. Thanks for the update. In regards to your close date, did they state that the final interim closing date was Nov 2011? I remember I was at the sales office a few months ago and they showed me a flyer with a summer 2011 completion date for the entire complex. However, it was only after really questioning the sales agent that she finally caved in and told me some real details.

I find the underground subway tunnel very interesting. I heard rumours awhile back but wasn't too sure if there were any updated progress.

As for the available units, I'm not too surprised. Concord is a very large complex and quite a few purchasers are buying units as investment properties instead of residential dwellings.
 
Hi Cassisus!

Yes, it it said specifically that the final interim closing date is November 2011. i even asked if they would put in a maximum delay period in the Agreement for Purchase of Sale to which she said no. haha. Her response was that Concord wouldn't agree to it. I'm going to talk to a lawyer and see his/her thoughts and maybe I'll try to put it in anyway. the worst thing that can happen is it gets rejected and we're back at square-one.

Has anyone received an occupancy delay notice for Discovery 2? I read Discovery 1 people received a letter stating it would be Jan 2012... I find it suspicious that Discovery 2 (according to my interim closing date) is before Discovery 1.
 
If the site was all dug together, I don't think it really matters which building people move into first. Rather it's how high the floor is. I bought West One building which was on sale first but my interim occupancy date was December. My sister bought N2 building which started sales a few months later. Both buildings were dug at the same time and built. My sister's interim occupancy was October. Both units were around the same floor number. What the bad part about the whole situation was the ones who first moved in got hit with long phantom rents. I read some people moved in August/September and it took the building 1 year to close. Phantom rent was not fun. The interest rates were pretty high and cost around $1000/month interest for a 1+1.
 
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Now the plot thickens. AKS, you brought up a very valid point but can people who bought into the same building have their final occupancy dates differ by more than a few months?

With that being said, Oui_hallo, did you buy a unit on a lower floor?

I am a part of Discovery 2 as well. I haven't received any letter yet and I am on one of the lower levels.
 
I'm not sure. I had one of the late move in dates. Mid Dec was the last people moving into my building. The two buildings are sister buildings. I'm not sure which building started moving in first. From the posts I read somewhere. The ones that moved in Aug/Sept seem to be from West One I think. Between the 2 buildings, interim occupancy seem to range from late Aug or early Sept to mid Dec for both buildings. Usually the bottom floors move in first but I guess the top floor varies? Both units were around in the middle floor areas of the buildings but my sister moved in almost 2 months earlier than I did. BTW, it's interim occupancy. Final closing is when the building registers under your name. That date is unpredictable depending how fast the paper work gets done and the city registers it.
 
I am on one of the lowest floors so I will be among the first to move in and get affected by the phantom rent!
 
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